The Central Bank of Nigeria (CBN) has alerted the public on existence of counterfeit banknotes in circulation throughout the country.
The Bank said in a statement by the Acting Director of Corporate Communications, Mrs Hakama Sidi Ali on Friday that the counterfeit bank notes in circulation are mostly in the higher denominations.
According to the statement, the notes are used by some individuals for transactions in food markets and other commercial centres across major cities in the country.
She said that any person found complicit in the circulation of the counterfeit currency notes would face severe sanctions.
The director said that the law provided punishment by a term of imprisonment of not less than five years, for any person found culpable of counterfeiting Naira notes or any other legal tender in Nigeria.
“The CBN is in constant collaboration with relevant security and financial agencies to confiscate fake Naira banknotes, arrest and prosecute counterfeiters,” she said.
